Back to Top

 Skip navigation

Headline Economic Results

Headline Economic Results

Increases of 3.5% in Real GDP and 1.3% in Modified Domestic Demand in Quarter 3

Online ISSN: 2009-5775
CSO statistical publication, , 11am
Table 1.1 GDP and GNP at constant 2022 prices, Q3 20241
 Amount €mQuarterly % change
Gross Domestic Product124,5093.5
Gross National Product96,5320.9
Modified Final Domestic Demand62,6611.3
1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted

Estimates for the third quarter of 2024 indicate that GDP grew by 3.5% in real terms in Q3 2024 compared to the previous quarter while GNP rose by 0.9%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending increased by 1.3% in Q3 while Compensation of Employees rose by 0.6% quarter-on-quarter.

Looking at the first nine months of 2024, the economy contracted by 1.7% in GDP terms while in terms of GNP it expanded by 2.2% compared with the equivalent nine-month period in 2023. Modified Domestic Demand for the year to date rose by 3.1% while Compensation of Employees increased by 3.0% over the same period.

GDPGNPMDD
Q1 20223.6616929707292-5.93758134166081-0.152460669795162
Q2 20222.49139619601655.884760064921986.19252638012706
Q3 20222.53524688428175-5.64643579959057-0.465550462260778
Q4 20220.3104330998249924.68542927106275-1.54800308119413
Q1 2023-5.38298919824643-4.016830224509082.24566673378308
Q2 2023-1.215586253443410.54681723822410.252768308294438
Q3 2023-2.2273693268532-1.97993045134096-0.574645519754524
Q4 2023-1.352242832301363.191721891635571.86926560854459
Q1 20240.59628865442749-6.065889719609540.993948661983701
Q2 2024-0.252373447410174.63435493135251-0.0714067274248276
Q3 20243.513599044146940.9236554568813121.28096682871224

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationPublic Admin, Education & HealthProfessional, Admin & Support ServicesDistribution, Transport, Hotels & RestaurantsReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionAgriculture, Forestry & FishingArts, Entertainment & Other Services
Q2 202434.268387145723.810764497111.759184557214.331966412812.0540876587.16004946934.43932468552.92706758181.52037458681.4468172654
Q3 202439.067478432125.308634063611.745093311214.843981089212.01725039917.34772850754.61498484223.03019978481.54036228421.4527030129

Get the data: NAQ02

Value added for the Multinational-dominated sectors expanded by 9.1% in Quarter 3, Domestic economic sectors increased by 1.5%

The MNE dominated sectors of the economy increased by 9.1% overall in the third quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector expanded by 14.0% in Q3 compared with the previous quarter, while the Information & Communication sector recorded an increase of 6.3% in the quarter. The domestically facing sectors of the economy taken collectively posted a rise of 1.5% overall in the third quarter of 2024. The Finance & Insurance sector grew by 4.0% in volume terms quarter-on-quarter in Q3 while the Professional & Administrative services sector increased by 3.6% over the period compared with Q2 2024. The domestic facing Construction sector rose by 3.5% in Q3 while the Real Estate sector increased by 2.6% over the same period. The domestically dominated Agriculture, Forestry & Fishing and Arts & Entertainment sectors posted modest increases of 1.3% and 0.4% respectively in Q3 2024 quarter-on-quarter. The Distribution, Transport, Hotels & Restaurants sector declined by 0.3% in the quarter while the Public Administration, Education & Health sector fell by 0.1%. (See Tables 2.5 and 6.3).

Looking at the year-to-date results for 2024 compared with the equivalent nine months of 2023, the MNE dominated sectors contracted by 6.5% over the period while the Domestic-facing sectors grew by 2.7%. (See Table 6.2)

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202232.208169838111.90121954723.83915636411.572377613256.214302927956.7429863533126.1395291935
Q2 202233.457136484112.154435272427.36894768343.935238353253.167847470560.2568107521129.2821646255
Q3 202234.372945687812.261554640129.79856576713.279906863252.593365830459.9762848911132.5597866761
Q4 202234.612495616712.277031461929.5089737189-0.121692966853.675583844459.047850153132.971296131
Q1 202334.784539917412.331136382724.8450032792.629643865153.049477411960.3738680809125.8134656235
Q2 202335.363922298412.523705508924.771429455.410557155143.641105722360.5264740859124.2840944304
Q3 202335.202103042512.837174973424.0945218794.038822425143.772199156860.1786614143121.5158286329
Q4 202335.855685632712.955915758639.90764093943.205804145126.098520539561.3035604358119.8726395501
Q1 202435.956348492312.877020066423.69497571741.431310815146.740427568161.9128863545120.5874264995
Q2 202436.054683953813.119846158.76263137770.675105605161.440844040761.8686763885120.2830958541
Q3 202435.992897113813.320242863927.3316246559-0.273551764944.88789670762.6611936104124.5093615603

Get the data: NAQ03, NAQ04NAQ05

Modified Domestic Demand increased by 1.3% in Q3 2024

On the expenditure side of the accounts (Table 3.5), Capital Investment increased by €17.6 billion during the quarter (+186.7% quarter-on-quarter) with the Capital Formation element increasing by 211.9% reflecting a return to more usual recent levels compared with the lower value for Capital Formation in Q2 2024 that arose from a significant export of Intellectual Property (IP) in that quarter. Capital Investment accounted for 35.4% of total domestic demand in Q3 2024.

Exports contacted by 7.0% in Q3 2024 compared with Q2 2024 while Imports rose by 2.1% which meant that overall net exports for the quarter posted a decline of 26.9% in Q3 compared with Q2 2024 or €16.6 billion lower in money terms quarter-on-quarter. Government Expenditure on Current Goods and Services rose by 1.5% quarter-on-quarter with Personal Consumption Expenditure falling marginally in Q3 compared with the previous quarter (-0.2%). These Expenditure side impacts when combined resulted in an overall rise in Real GDP in Q3 2024 of 3.5%. Final Domestic Demand increased by 32.3% in Q3 compared with Q2, while Modified Domestic Demand grew by 1.3% over the same period.

Turning to the results for the first nine months of 2024, Net Exports rose by 8.3% over the period compared with the first nine months of 2023 or €12.1 billion in money terms. The increase in Exports of €46.4 billion for the nine months of 2024 compared with the equivalent period of 2023 outpaced the increase in Imports of €34.3 billion. Personal Consumption Expenditure rose by 2.4% in in the first nine months of 2024 compared with the same period of the previous year, Capital Investment fell by 28.0% while Government Expenditure on Current Goods and Services increased by 4.2% over the same period.

GDPNet Factor Income from Rest of WorldGNP
Q1 2022126.1395291935-39.443167866786.6963613268
Q2 2022129.2821646255-37.483930449691.7982341759
Q3 2022132.5597866761-45.944880858186.614905818
Q4 2022132.971296131-42.298110162790.6731859683
Q1 2023125.8134656235-38.782467594687.0309980288
Q2 2023124.2840944304-28.074096098896.2099983315
Q3 2023121.5158286329-27.210721355594.3051072773
Q4 2023119.8726395501-22.557575518997.3150640312
Q1 2024120.5874264995-29.175386932991.4120395665
Q2 2024120.2830958541-24.63469792495.64839793
Q3 2024124.5093615603-27.977501983396.5318595769

Get the data: NAQ03

Factor income outflows increased by 13.6% in the quarter, a rise of €3.3 billion in money terms compared with the previous quarter, leading to an increase in GNP of 0.9% for the third quarter compared with the previous quarter. For the first nine months of 2024 compared with the equivalent period of 2023, Factor income outflows fell by 12.7% or almost €12.2 billion in money terms

The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published.